STEPN, the App that makes you earn cryptos while walking
The ecosystem of Blockchain and Smart Contract based applications offers the opportunity to earn cryptocurrencies by performing simple daily actions. One of the most recent projects of this type is StepN, a Web3 application built on Solana's Blockchain that aims to incentivize its users to lead a healthy lifestyle and reduce CO2 emissions around the World. DISCLAIMER: This article is NOT intended as financial advice. Token Party does NOT have any active collaboration with the StepN project so the content that will follow is for informational and informative purposes only.
StepN: what it is and how it works
StepN is a move-to-earn lifestyle app that allows users to earn cryptocurrencies by performing physical activity, exclusively by walking or jogging. The only condition to get this benefit is to own an NFT sneaker, which can be purchased on the marketplace integrated in the app. The platform, in addition to this system of rewards in tokens, integrates some of the typical features of the web3 as, in fact, a Wallet, an Exchange and a lending service. The platform, now popular in the crypto-community, has recently surpassed the number of 200 thousand registered users, while the native GMT governance token has reached $2 billion in market capitalization, currently ranking #51, according to CoinMarketCap data.
How to earn tokens with StepN
1. First you need to download the app from mobile and register with email and password. You can download it by clicking here. 2. In order to access the application you must enter an activation code that you can find here on Discord. Every day the StepN team publishes a series of activation codes on Discord. However, as there is a lot of traffic, you are forced to race for time with other players. In the future, there might be much more user-friendly access methods! Small tip: you have to be very quick to copy and paste the code. We recommend you to try it during the night hours to have less competition. 3. After entering the app you need to buy an NFT in order to earn tokens by walking miles. In fact, users can only earn GST, utility tokens of the platform, if in possession of a specific NFT. NFTs are nothing more than customized sneakers according to the use (walker, jogger, runner, trainer), rarity, level reached by the player and some attributes (efficiency, luck, comfort and resilience). NFT sneakers can be bought and sold (soon also rented) through the app's internal marketplace (Source: Whitepaper StepN) 4. To actually earn GST, simply click on the start button in the app's home and walk/run, until there is enough "energy". You can't actually use the shoe 24 hours a day, but there are set times that vary based on the type of NFT. GST gains also vary based on the type of NFT sneakers and based on the speed held during physical activity (Source: Whitepaper StepN)
Features of the various StepN NFT Sneakers
GST gains based on different StepN NFTs
Tokenomics Stepn: GMT and GST
Stepn's Tokens Economy involves the participation of two distinct tokens within the project:
- Stepn (GMT), governance token with max supply equal to 6 billion units
- Green Satoshi Token (GST) a utility token with an infinite maximum supply. The token mainly used as currency for the rewards of kilometers traveled is GST, while the GMT token is "unlocked" as a reward token only at level 30. Once you reach level 30 you can freely decide whether to earn GST or GMT.
Each token has its own use case and is used for certain purposes. Obviously, on a speculative level, the one that attracts the most is GMT, considering the limited max supply.
Stepn Anti-Cheating System
One of the most interesting features of StepN is the anti-cheating system. In order to prevent some misguided user from simulating a phone movement rather than actually doing physical activity, the StepN team has come up with an anti-cheating solution that consists of 3 main factors:
- GPS tracking
- Motion sensors and health data
- Machine learning to detect cheating through data simulation
Using devices that have been jailbroken, rooted, or have a modified operating system will result in StepN not working.
Many investors have invested in StepN. Among the most famous are:
- Folius Ventures
- Alameda Research
- Solana Ventures